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HERCULES INC. v. COMMISSIONER OF REVENUE

Nos. C2-97-574, C6-97-576.

575 N.W.2d 111 (1998)

HERCULES INCORPORATED, Relator (C2-97-574), Hercules Credit, Inc., Relator (C6-97-576), v. COMMISSIONER OF REVENUE, Respondent.

Supreme Court of Minnesota.

March 12, 1998.

Attorney(s) appearing for the Case

Alan E. Bernick, Oppenheimer Wolff & Donnelly, St. Paul, Paul H. Frankel, Hollis, L. Hyans, Michael A. Pearl, Morrison & Foerster, New York City, for relator.

Hubert H. Humphrey III, Atty. Gen., Barry R. Greller, Jeffrey G. Vigil, Asst. Attys. Gen., for respondent.

Jerome A. Geis, Briggs and Morgan, P.A., St. Paul, David A. Lawrence, Minneapolis, for amicus curiae Northern States Power Co.

Heard, considered, and decided by the court en banc.

OPINION

BLATZ, Chief Justice.

This case requires us to examine the boundary between business and nonbusiness income for the purpose of determining a nondomiciliary corporation's income tax. In 1987, relator Hercules, Inc., a Delaware corporation that conducts business in Minnesota, sold its stock in Himont, Inc., a corporation that Hercules had helped to create four years earlier.1 The sale resulted in a net capital gain of over...

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